For many firms it’s that time when you are waiting for the letter notifying you of your upcoming Provincial practice inspection, for others with inspections in 2023, its ensuring that the planned monitoring activities and action plans from internal or Provincial inspections are executed.
According to CPA Ontario, the goal of an inspection is to identify areas where an office failed to maintain prescribed professional standards set out in the CPA Canada Handbook and the CPA Ontario Member’s Handbook through an assessment of quality controls and a review of current assurance and compilation engagement files.
Getting ready early for an inspection often has a significant impact on how smoothly the inspection will run and avoids the stress of scrambling at the end to assemble the firm’s manuals, reports and files for inspection.
This 60-minute sessions will cover:
· An overview of the inspection process
· An overview of the key elements of the firm’s quality management process that will be inspected which includes:
o Firm’s Quality Management Manual
o Evidence that polices are operating and effective
o On-going or annual policy monitoring
o Cyclical or completed file monitoring
o The role of the monitor and the managing partner
· Key areas that require planning
· Common deficiencies and areas to watch out for
· Managing the actual inspection and response, i.e. action plan, to CPAO.
Marcus Guenther MBA, CPA, CA
Marcus Guenther works with corporations and accounting firms to improve their workflow, internal control and risk management practices, as well as assisting with technical accounting and auditing issues. He is the co-author of the CICA Professional Engagement Manual (CPEM) as well as other technical publications and articles and teaches accounting, IFRS, and auditing and assurance courses for numerous professional organizations.